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Current Status Bill Number:View additional legislative information at the LPITS web site.636 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:20010426 Primary Sponsor:Reese All Sponsors:Reese Drafted Document Number:l:\council\bills\bbm\10141htc01.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Retirement Systems and Pensions, S.C. Retirement System, Police Officers; nonretroactive increase in benefits History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010426 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO PROVIDE FOR A NONRETROACTIVE INCREASE IN THE STATE RETIREMENT BENEFITS OF RETIREES OF THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM WHO RETIRED BEFORE JULY 1, 1990, HAVING ELECTED OPTION 4 OR 3 RESPECTIVELY, IF A REVISED METHOD OF THE CALCULATION OF THEIR BENEFITS RESULTS IN AN AMOUNT HIGHER THAN THE AMOUNT THEY RECEIVE OR ARE SCHEDULED TO RECEIVE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The amount of the monthly benefit due a retiree of the South Carolina Retirement System or the South Carolina Police Officers Retirement System who retired before July 1, 1990, having elected Option 4 or 3 respectively, must be calculated assuming the law with respect to these options in effect July 1, 1990, to have been in effect when the retiree retired. This calculation must be made only when the benefit otherwise due the retiree is scheduled to decrease, or on the effective date of this joint resolution, if the retiree has attained the age of sixty-two years. If this calculation results in a higher benefit than the benefit the retiree otherwise receives or is scheduled to receive, then the member shall receive the higher benefit beginning from the effective date of this joint resolution or the retiree attains the age of sixty-two years, whichever is later.
Nothing in this joint resolution may be construed to create any right for retroactive benefits.
SECTION 2. This joint resolution takes effect on the first day of the second month following approval by the Governor.
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